Iran to send its gas to European market through Turkey

Iran is to put its gas to the European market through Turkey, Turkish Minister of Energy and Natural Resources Taner Yildiz said, Turkish TRT Haber TV channel reported on Feb.17.

This project is important for both of parties, but there is no agreement on this issue yet according to the minister.

Talking about the arbitrary court of Turkey's suit against Iran on gas price, the minister said that Ankara hopes for a fair decision.

The International Court of Arbitration will consider Turkey's suit against Iran on the gas price on Feb.17. If the court issues a decision in favour of Turkey, Tehran will have to provide for a near 30 percent discount for supplied gas to Turkey.

Based on the court's decision, Turkey may receive more than $2 billion paid for the purchase of fuel.

Ankara appealed to the International Court of Arbitration on the Iranian gas price in March 2012.

The agreement on the annual supply of 10 billion cubic meters of gas from Iran to Turkey was signed in 1996.

Gas prices are not officially disclosed, but Turkey buys Iranian gas at $490 per 1,000 cubic meters, according to the Turkish media.

Turkey imported some 7.5 billion cubic meters of gas from Iran in 2012, according to BP Energy Outlook. Earlier, Turkish Minister of Energy and Natural Resources Taner Yildiz said that the country imported around $4.5 billion worth of gas from Iran in 2013.